Flexsteel Industries (NASDAQ:FLXS) Insider Michael Joseph Mcclaflin Sells 2,500 Shares

Flexsteel Industries, Inc. (NASDAQ:FLXS) insider Michael Joseph Mcclaflin sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $79.57, for a total value of $198,925.00. Following the sale, the insider directly owned 38,526 shares of the company’s stock, valued at $3,065,513.82. This represents a 6.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Michael Joseph Mcclaflin also recently made the following trade(s):

• On Friday, August 28th, Michael Joseph Mcclaflin sold 2,000 shares of Flexsteel Industries stock. The shares were sold at an average price of $82.94, for a total value of $165,880.00.
• On Thursday, August 20th, Michael Joseph Mcclaflin sold 500 shares of Flexsteel Industries stock. The stock was sold at an average price of $79.66, for a total transaction of $39,830.00.

Flexsteel Industries Stock Performance

Shares of NASDAQ:FLXS opened at $79.22 on Wednesday. The firm’s 50 day simple moving average is $75.15 and its 200-day simple moving average is $60.59. The firm has a market cap of $424.62 million, a PE ratio of 12.76, a price-to-earnings-growth ratio of 1.25 and a beta of 0.57. Flexsteel Industries, Inc. has a one year low of $34.00 and a one year high of $88.49.

Flexsteel Industries (NASDAQ:FLXS) last issued its earnings results on Monday, August 17th. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.24. The business had revenue of $115.37 million during the quarter, compared to analyst estimates of $109.51 million. Flexsteel Industries had a return on equity of 16.11% and a net margin of 7.21%. Equities research analysts predict that Flexsteel Industries, Inc. will post 5.29 EPS for the current fiscal year.

Flexsteel Industries Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Wednesday, June 24th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. This is a positive change from Flexsteel Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, June 24th. Flexsteel Industries’s payout ratio is presently 16.10%.

Institutional Investors Weigh In On Flexsteel Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Deutsche Bank AG increased its stake in shares of Flexsteel Industries by 11.1% during the fourth quarter. Deutsche Bank AG now owns 3,024 shares of the company’s stock worth $119,000 after purchasing an additional 303 shares in the last quarter. Barclays PLC increased its stake in Flexsteel Industries by 6.4% during the 4th quarter. Barclays PLC now owns 5,527 shares of the company’s stock worth $218,000 after buying an additional 333 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Flexsteel Industries during the second quarter valued at approximately $25,000. Russell Investments Group Ltd. lifted its position in shares of Flexsteel Industries by 24.7% in the third quarter. Russell Investments Group Ltd. now owns 1,991 shares of the company’s stock valued at $92,000 after acquiring an additional 395 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Flexsteel Industries by 4.1% in the second quarter. First Trust Advisors LP now owns 11,745 shares of the company’s stock valued at $423,000 after acquiring an additional 467 shares in the last quarter. Hedge funds and other institutional investors own 36.27% of the company’s stock.

Wall Street Analyst Weigh In

FLXS has been the subject of several recent analyst reports. Freedom Broker lowered shares of Flexsteel Industries from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $72.00 to $80.00 in a research note on Tuesday, August 18th. Freedom Capital lowered shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Zacks Research cut shares of Flexsteel Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Flexsteel Industries in a research note on Friday, July 17th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Flexsteel Industries currently has a consensus rating of “Hold” and a consensus price target of $80.00.

About Flexsteel Industries

Flexsteel Industries, Inc (NASDAQ: FLXS) is a U.S.-based furniture manufacturer specializing in the design, production, and marketing of residential upholstered furniture and wood casegoods. The company operates through two primary segments: Upholstery, which encompasses seating products such as sofas, loveseats, chairs, recliners, and sectionals; and Casegoods, which includes accent and occasional tables, cabinets, bookcases, and other wood-based furnishings. Flexsteel sells its products through a network of independent retailers, furniture stores, and distributors across North America.

Flexsteel’s upholstery segment is distinguished by its patented Blue Steel Spring® technology, which offers enhanced longevity and comfort by replacing conventional webbing and springs with a welded steel seat suspension.